Guinea Bissau Country Summary
Sanctions
UN/EU
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF status
Guinea Bissau is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The latest Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guinea Bissau was undertaken in 2022. According to that Evaluation, Guinea Bissau was deemed Compliant for 5 and Largely Compliant for 11 of the FATF 40 Recommendations. It was rated Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.
Sanctions
Guinea Bissau, as a UN member, must adhere to sanctions imposed by the United Nations to maintain international peace and security. The UN Security Council has established various sanctions regimes since 1966, which include economic sanctions, arms embargoes, and travel bans, focusing on the rights of those targeted. Currently, there are 15 ongoing sanctions regimes aimed at political settlements, nuclear non-proliferation, and counter-terrorism, with a Consolidated List of individuals and entities affected by these measures.
The EU has also imposed sanctions on Guinea Bissau since May 2012, including travel restrictions and asset freezes against individuals obstructing political processes or undermining stability. These measures were reinforced by UN Resolution 2048 (2012), targeting those responsible for past coups and actions against the rule of law. All assets of designated individuals must be frozen, and member states are required to enforce travel restrictions.
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 22 |
| World Bank: Control of Corruption Percentile Rank | 12 |
Economy
Guinea-Bissau's economy is marked by extreme poverty and a heavy reliance on agriculture, particularly the export of cashew nuts and fish. The GDP per capita is among the lowest in the world, with over two-thirds of the population living below the poverty line, although recent economic advances have been made through a stability pact and IMF-backed reforms.
The investment climate in Guinea-Bissau is hindered by systemic issues such as corruption and bureaucratic inefficiencies, resulting in an average of 233 days required to register a new business, one of the longest durations globally. Despite efforts to improve the investment environment, including joining the Organization for the Harmonisation of Business Law in Africa, the country still faces significant challenges like inadequate infrastructure and a fragile political situation that deter foreign investment.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
